TFI International

TFI share offering could add $200 million to M&A war chest

A tractor-trailer of TfI International's CFI. TFI could raise more than $200 million from a share offering.

TFI International (NYSE:TFII) plans to sell 4 million shares of common stock in an offering that could raise more than $200 million, which could fuel potential acquisitions. 

Canada-based TFI announced the share offering on Tuesday. The company said it will use the proceeds for working capital and to pay down a credit facility that it may use for “for general corporate purposes, including acquisitions.”

TFI has been active on the acquisition front in recent months. The company has made four...

https://s29755.pcdn.co/news/tfi-share-offering-could-add-200-million-to-mampa-war-chest

TFI’s Bedard signals growing focus on company’s LTL operations

Alain Bedard, the only executive of Canada’s TFI International who spoke on the company’s second-quarter conference call, has plenty of acquisitions he’d still like to do. But the area that appears to need the biggest assistance while being a key target is less than truckload (LTL).

The fundamental problem that Chairman, President and CEO Bedard sees, according to his statements in the call, is that TFI’s LTL business depends heavily on retail business that has been suffering for years and is...

https://s29755.pcdn.co/news/tfis-bedard-signals-growing-focus-on-companys-ltl-operations

TFI grabs another asset, buys Ontario’s Keith Hall & Sons

In the earnings call last week for TFI International, Alain Bédard, the company’s chairman, president and CEO said when the company restarted acquisitions, “we’re going to start with small tuck-ins.”

On Friday, TFI did just that, acquiring Keith Hall & Sons Transport of Ontario. The price was not disclosed.

In the prepared statement announcing the acquisition, TFI described Keith Hall as “hauling liquid and dry foods and general freight across North America.” It had started as a milk hauler. 

The...

https://s29755.pcdn.co/news/tfi-grabs-another-asset-buys-ontarios-keith-hall-sons

Mixed picture for TFI: Net income down, OR in key segments up

Canada’s TFI International posted a decline in most key financial metrics in the second quarter of this year, though its truckload (TL) and less-than-truckload (LTL) divisions posted gains in their operating ratio.

Overall, the company’s net income of C$69.7 million (US$52.27 million) was down from C$100.2 million in the second quarter of 2020. Total revenue during that period dropped to C$1.1 billion from $1.33 billion, and operating income for the company as a whole declined to C$131.5 million...

https://s29755.pcdn.co/news/mixed-picture-for-tfi-net-income-down-or-in-key-segments-up

Merrill Lynch boosts Knight Swift, J.B. Hunt and ArcBest

The transportation team at Bank of America Merrill Lynch (BOAML) is bullish on trucking stocks, raising the price objectives on a handful of them by several dollars per share.

The team led by Ken Hoexter based its increase in price objective (PO) on “the inflecting demand and spot rate environment.” It did not increase its buy/neutral/sell recommendation on any stocks. 

Getting an upward kick from the BOAML team was Knight-Swift (PO now $49, was $46, stock closed earlier this week  at $43.05);...

https://s29755.pcdn.co/news/merrill-lynch-boosts-knight-swift-j-b-hunt-and-arcbest

TFI scoops up flatbed carrier CT Transportation from bankrupt Comcar

A tractor-trailer of CT Transportation hauls a flatbed load. TFI International acquired nearly all of CT assets from Comcar.

TFI International (NYSE:TFII) formally announced that it has acquired nearly all of the assets of U.S. flatbed trucking company CT Transportation from bankruptcy Comcar industries. 

Canada-based TFI announced the acquisition late Monday, June 29. It came hours after announcing its asset acquisition of Comcar’s MCT Transportation.

TFI paid $15 million for CT after a frenzied auction during Comcar’s Chapter 11 bankruptcy proceedings in June. 

TFI made the acquisition through a U.S. subsidiary, Bulk...

https://www.freightwaves.com/news/tfi-scoops-up-flatbed-carrier-ct-transportation-from-bankrupt-comcar

TFI acquires most of MCT’s assets from Comcar

A tractor-trailer of MCT Transportation. TFI has acquired most of MCT's assets.

TFI International has acquired most of the assets of MCT Transportation from bankrupt Comcar Industries for $12.8 million.

TFI announced the acquisition on Monday. The addition of MCT will enhance the Canadian transportation and logistics company’s truckload footprint in the Midwest and  Southeast regions of the United States. 

TFI’s acquisition came after Comcar received court approval to sell MCT to White Willow Holdings for $2.2 million.

The deal also follows TFI’s successful bid for another...

https://s29755.pcdn.co/news/tfi-acquires-most-of-mct-assets-from-comcar

TFI International completes Gusgo acquisition

A shipping container is loaded onto a truck from Gusgo Transport, a Canadian trucking company recently acquired by TFI International.

TFI International (NYSE:TFII) said on Thursday that it completed its acquisition of Gusgo Transport, a small Canadian trucking company specializing in hauling and storing containers.

TFI, Canada’s largest transportation and logistics company, announced the deal on June 12.

Gusgo has a fleet of four company trucks and 48 owner-operators and storage for up to 6,000 containers in near Toronto. The carrier operates in a 500-mile radius of Toronto, serving Ontario and Quebec in Canada, and Michigan,...

https://www.freightwaves.com/news/tfi-international-completes-gusgo-acquisition

TFI acquires Gusgo in bet on cross-border container transport

A tractor-trailer from Gusgo Transport, a Canadian carrier being acquired by TFI International

TFI International announced today, June 12, that it will acquire Gusgo Transport, a small Canadian trucking company specializing in transporting and storing containers. 

Gusgo has a fleet of four company trucks and 48 owner-operators and storage for up to 6,000 containers in Vaughn, Ontario, near Toronto. The carrier operates in a 500-mile radius of Toronto, serving Ontario and Quebec in Canada, and Michigan, New York, Ohio and Pennsylvania.

“With its 50-year history of providing superior,...

https://s29755.pcdn.co/news/tfi-acquires-gusgo-in-bet-on-cross-border-container-transport

Wolfe Research conference focuses on a truckload restart

unidentified truck on highway

Trucking executives were on hand on May 19 to discuss freight markets at the 13th Annual Wolfe Research Global Transportation & Industrials Conference. The panel format covered topics like demand, pricing and a potential restart.

Overview of freight trends

U.S. Xpress’ (NYSE: USX) President and CEO Eric Fuller said the company continues to see consistent volumes as the bulk of the carrier’s freight comes from grocery, discount retail and home improvement stores. In the company’s first quarter...

https://s29755.pcdn.co/news/wolfe-research-conference-focuses-on-a-truckload-restart

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